Assurance and Forensic Accounting
Dig further into your financial studies as you explore assurance services and forensics. Outline auditing processes. Articulate the role of forensic accountants and the regulations that govern them. Acquire skills to help you detect fraud.
Upon completion of this subject, you should be able to demonstrate achievement of the following Subject Level Outcomes (CLOs):
- increase their knowledge base pertaining to auditing and assurance services.
- display technical competence by being familiar with the underlying concepts, objectives and reporting requirements of the auditor.
- understand the tools that the auditor uses and a forensic accountant uses.
- appreciate the environment in which the auditor and forensic accountant operates.
- understand practical audit procedures and fraud detection procedures.
- be able to analyse and identify appropriate audit actions which would be normally undertaken by an auditor.
- effectively communicate business information in the audit context, both in verbal and written form.
- understand the relationship between audit process, accounting standards, forensics and financial reports.
- understand the impact of computer accounting fraud.
- have an understanding of fraud analysis techniques using Big Data.
- Topic 1: An overview of assurance, evidence collection and forensic services in society • What is Assurance? • Audit Evidence, Audit Expectations Gap • Nature of Forensic Accounting
- Topic 2: Regulatory Obligations of Auditors, Forensic Accountants and their Reports • Auditor Independence, Code of Ethics • Auditor Liability • Auditor and Forensic Accountants Reports
- Topic 3: Detection and Analysis of Fraud Symptoms • Nature of Fraud Detection • Internal Control Weaknesses • Unusual Behaviours • Tips, complaints, etc.
- Topic 4: Detection and Analysis of Fraud Symptoms • Kickbacks and Red Flags • Financial statement and ratio analysis
- Topic 5: Investigation of Fraud Offences • Financial Statement Fraud and Detection • Financial statement and ratio analysis: Beneish Ratios
- Topic 6: Investigation of Fraud Offences • Revenue related fraud • Inventory related fraud • Asset and liability related fraud
- Topic 7: Audit Planning, Risk Assessment and Materiality • Client acceptance decision • Understanding the client, audit risk, materiality assessment • Analytical procedures and sampling
- Topic 8: IT, the Controls Environment, and Computer Fraud • Assessing Control risk • Design and Tests of Controls • Computer accounting fraud
- Topic 9: Managing Big Data and Investigations • How Big Data helps combat fraud • Fraud analysis techniques using Big Data
- Topic 10: Design of and Substantive Procedures Application: Auditing sales and receivables. • Designing and testing of Substantive Procedures for transactions and balances • External confirmations
- Topic11: Completing the audit • Review of subsequent events • Review of Contingent liabilities • Communicating the audit outcomes. Mock exam, Review webinar.
- Discussion forum/Discussion Board
- Web links
- Online assignment submission
- Podcasting/Lecture capture
- Online Quizzes/Tests
- Standard Media
You are recommended to have completed the following subjects(s) or have equivalent knowledge before starting this subject:
No special requirements
Please note: This subject was previously titled Assurance Services and Regulation.
This subject aims to develop practical skills and a research emphasis building on the use of the existing body of knowledge in auditing, forensic and assurance services. The materials covered include professional pronouncements, legislation, standards, research papers, IT and audit literature.
- Online Quiz (20%)
- Research Project (30%)
- Invigilated Exam (50%)